LISTED
Century Properties Group, Inc. and BMW distributor Asian Carmakers Corp. have
teamed up to launch this year an office-cum-hotel project in Taguig City, the
property developer said in a disclosure yesterday.

“Listed real
estate firm Century Properties, together with Asian Carmakers owned by Jose C.
Alvarez, announced that it will launch a two-tower development in Bonifacio
Global City this year,” the disclosure read.

“Asian
Carmakers shall form a new corporation with Century Properties to construct two
towers -- one for commercial offices and the other for a hotel -- with an
expected gross floor area of 30,000 square meters.”

The property
-- bounded by 3rd Avenue, 4th Avenue, and 27th Street in Bonifacio Global City
-- lies south of One Bonifacio High Street, a 3.2-hectare premium mixed-use
block where the new Philippine Stock Exchange and Shangri-La at The Fort are
set to rise.

The lot is
being leased by Asian Carmakers from the Armed Forces of the Philippines-Mutual
Benefit Association, Inc., the disclosure said.

Asian Carmakers
is the exclusive importer and distributor of BMW in the Philippines. It claimed
to have ended 2012 with a 33% market share in the local luxury segment, and
currently has seven dealerships nationwide.

“This project
is part of Century Properties’ medium-term plan to expand its portfolio to
include commercial and tourism developments,” Terrie Fucanan-Yu, Century
Properties vice-president for corporate communications, said in an e-mail
yesterday.

Century
Properties is also currently building the five-storey Century City Mall, the
firm’s first retail development that will have 50,000 square meters of gross
floor area for 110 retail outlets.

“We also
expect the completion of our lifestyle mall called Century City Mall by the
fourth quarter of this year,” the disclosure read.

Asian
Carmakers officials were not immediately available for comment.

Century
Properties nearly doubled its net income to P1.41 billion as of September last
year from P722.60 million in the same nine months in 2011. In the same comparative
years, revenues -- from real estate sales, property management fees, as well as
interest and other income -- more than doubled to P7.22 billion from P3.55
billion, as did costs and expenses to P5.35 billion from P2.57 billion.